Black sheets covering the glass fašade of the pavilion were dropped in unison moments after Saratoga Springs Mayor Scott Johnson and State Sen. Eric Adams, chairman of the Racing, Gaming and Wagering Committee, cut a ceremonial red ribbon.

Home of the annual thoroughbred auctions, Saratoga Selected Yearlings Sale and National Racing Hall of Fame induction ceremony, the Fasig-Tipton flagship structure received its first major renovations since it was opened in 1968.

Guests of the unveiling were treated to champagne, internationally themed cuisine and a live swing band performance from the auction block.

"We welcome any change that adds to the Saratoga experience," said Johnson, adding that the renovation "fit the bill" for what improvements he thought the pavilion needed.

"It's a beautiful place," said Adams, calling the new facility fitting for a state vying for the title of "racing capitol."

Last year, the company spent approximately $5.1 million to construct a new equine walking ring, a horse holding area and an expanded restaurant and restrooms behind the East Avenue pavilion.

A redesign of the facility's exterior was completed earlier this year, and interior construction wrapped about a week before Sunday's event.

"It was an easier project than the first phase," said Sonny Bonacio, owner of Saratoga Springs-based Bonacio Construction Inc., which was contracted for the entire project.

Fasig-Tipton Marketing Director Terence Collier would not disclose an exact cost for the second phase of construction, only saying it was a "multi-million dollar project."

The redesigned pavilion features improved ground floor accessibility as well as new carpet, windows and seating. The number of seats was reduced to 600, about 125 less than previously available.

Collier said the company did not initially plan on reducing the number of seats, but removing seats during the renovation increased comfort by adding aisles and space between rows, and guaranteed the building met code for handicap accessibility.

Upstairs, walkways were repositioned to improve traffic patterns and what was once unseen utility space was repurposed as concession space.

A private room for buyers and sellers with a complimentary bar with food was also added on the second floor.

"Our next phase is to sell a lot of horses for a lot of money in the four nights that we're here," Collier said.